All Forum Posts by: Account Closed

I found a vacant property and contacted the owner. After title search, a $202k tax lien from another tile co. was placed on the property May 2014. (BTW, the property ARV is approx. $126k.

I would like to do a lease option on this property, (The owner and I have been talking for a few weeks)

I have not been in this situation before. I am thinking about contacting the title co. that has the lien against the house to see how much they are willing to take from the owner and what other payment arrangements can be made.

How do I approach them without sounding like a complete idiot?

Thank you in advance for your comments and time!

I am planning on getting my RE license at the beginning of next yr. What I haven't thought about is, Will I have to work in an office after I get my license or can I continue to work on my RE business from home?

Thanks @David Dachtera for the advice. I'm working on getting info about the lien holder.

I'm not sure how far I'm gonna go with leasing this property it does have a pool and to be honest, I think that's a little more than I want to hassle with.

BTW, I really like your quote about Success and failure!

Update

The owner is willing to Lease this house in order to make the money he needs to pay his debts. Now I just need to figure out how to get this lien balance down. I do not have any experience in this area. I plan on meeting with the title co. And their legal department in hopes someone there can help me. 

Are there any pitfalls I should be aware of? 

Am I moving in the right direction?

Any advice?

Great information everyone. I will try listsource. They are looking for a beach house on an island and there are not very many houses in the area they are searching to start with. Maybe 30-45. 

Thanks again for your input.

I have an investor who wants to purchase a family vacation beach home in a very specific area. Do I just look up all the houses on those specific streets and send out yellow letters? Any advice? "Never give up. Never surrender" -Dee Dee Huey Winning Solutions Real Estate Investing

Welcome Fellow Alabamian!  There is so much support and info here on BP. You will find what you are looking for, I'm positive. Keep connected to other like minded investors. Investing can be a dog eat dog world and quite lonely.

Good luck!

Hello Hayden,

I lived in Chattanooga for 10 yrs. 2 of those was in Hixson. I went to Abba's House and my husband worked at the Olive Garden. We also used to be house parents at Bethel Bible Village. What a small world. I am a wholesaler now in south Alabama. Let's connect!

Hello Jan, Where are you properties located in Alabama. I'm in Loxley. Could I help?

I have gotten a contract from my title company that is also owned by a real estate attorney. Check a local title company (if you don't already have one) and see if they have an attorney on staff. That way you will be sure there are no gaps in the contract. If no attorney, no big deal, just ask the title co. For a blank assignment contract. They are usually very helpful as they are wanting your business. Hope this helps!